MoonPay builds export channel for won stablecoin pending rules

MoonPay held a launch event in Seoul on Sept. 29, 2026 to introduce MoonPay Korea and outline partnerships with Woori Bank, KB Financial Group, KakaoBank and fintech firm Finger. The company said the collaborations aim to connect its global payments and stablecoin infrastructure with Korean financial services to support cross-border flows.

The initiative targets cross-border uses rather than domestic trading. MoonPay described the effort as focused on remittances for international students, payments by foreign nationals in Korea and overseas payments and settlements for Korean businesses and residents. The company said it is preparing distribution and settlement channels a won-denominated stablecoin would need if regulators authorize issuance.

No won-backed stablecoin is in production because South Korea has not yet completed the legal framework that would permit issuance. MoonPay noted that the partnerships and technical work it announced are conditional on future legislation and on meeting local regulatory requirements, including virtual asset service provider reporting and any necessary licences and registrations.

Woori Bank’s role will link its won-based financial and remittance infrastructure with MoonPay’s international distribution and payments network, with plans to test business-to-business payment flows. KB Financial Group will examine on- and off-ramp infrastructure, wallets, stablecoin issuance and distribution, and overseas remittance and settlement services, a scope that includes potential issuance work. KakaoBank is named as a partner and has separately explored custody and distribution frameworks with technology providers. Finger, acquired by MoonPay and affiliates in April for about 110 billion won (roughly $81 million), is positioned to support local operations.

MoonPay Korea is an existing subsidiary. The company first signed a memorandum with Woori Bank on April 30 to create a KRW Stablecoin Consortium; the Seoul event consolidated those earlier agreements with new partner commitments and described a public strategy for the region.

The plan builds on infrastructure MoonPay operates outside Korea. The firm launched MoonPay Trade in May as an execution platform for banks, fintechs and enterprises covering tokenised assets, stablecoin liquidity and decentralised finance across multiple blockchain networks. MoonPay also runs a US issuance platform that offers white-label, full-reserve stablecoin services for institutions, and the firm’s institutional unit is led by Caroline Pham, a former acting chair of the US Commodity Futures Trading Commission.

While won-denominated stablecoins await regulatory approval, dollar-pegged stablecoins are already accessible to Korean users through domestic crypto exchanges. That creates a situation in which users can buy dollar-denominated tokens with won today but cannot obtain a won-backed stablecoin until Korean rules change.

MoonPay said the Korean launch emphasizes partnerships and building an export channel rather than offering a local consumer product immediately. The company plans a gradual rollout tied to regulatory milestones; the capabilities announced remain contingent on South Korea’s evolving legal framework for virtual assets.